Sensex rallies over 1,100 pts; TCS soars 7 pc

Equity benchmark Sensex rallied over 1,100 points in opening trade on Friday tracking strong gains in index heavyweights HDFC twins, Reliance Industries, ICICI Bank and TCS amid positive cues from global markets. Investor sentiment is also buoyed in anticipation of more measures from the Reserve Bank of India to revive the economy. RBI Governor Shaktikanta Das is scheduled to address the media at 10 am amidst the steep fall in the rupee and the continuing volatility in other segments of the financial market.

Sensex rallies over 1,100 pts

After hitting a high of 31,711.70, the 30-share index was trading 1,036.74 points or 3.39 percent higher at 31,639.35. Similarly, the NSE Nifty was quoting 291 points, or 3.24 percent, up at 9,283.80. TCS was the top gainer in the Sensex pack, surging up to 7 percent. The country's largest software exporter reported a marginal dip in March quarter net at Rs 8,049 crore on Thursday.

The company reported a 5.1 percent increase in revenue to Rs 39,946 crore for the reporting quarter, while the same for the full year FY20 was up 7.1 percent to Rs 1.57 lakh crore. Other gainers included Axis Bank, ICICI Bank, HDFC, PowerGrid and IndusInd Bank. In the previous session, the BSE barometer ended 222.80 points or 0.73 percent higher at 30,602.61 and the Nifty climbed 67.50 points, or 0.76 percent, to finish at 8,992.80.

Foreign portfolio investors (FPIs) were net sellers in the capital market on Thursday, as they offloaded equity shares worth Rs 2,920.36 crore, according to provisional exchange data. According to traders, market sentiment turned positive led by rally in global equities. Bourses in Shanghai, Hong Kong, Seoul and Tokyo were trading with significant gains in early deals.

Stock exchanges on Wall Street ended significantly on a strong note overnight trade. On the domestic front, hopes of more measures to boost the domestic economy by the central bank chief also lifted benchmark indices. Meanwhile, Brent crude futures, the global oil benchmark, rose 1.94 percent to USD 28.36 per barrel.

The death toll due to Covid-19 rose to 437, while the number of cases in the country climbed to 13,387. Global tally of the infections has crossed 21 lakh, with over 1.44 lakh deaths.